Chancellor George Osborne was last night condemned by Labour after it was revealed that his luxury New Year skiing holiday was spent as the guest of a millionaire City financier.

Mr Osborne – who has justified huge public spending cuts by claiming that we are ‘all in this together’ – jetted to the Swiss Alps to stay in a £1.7 million chalet owned by Caspar Rock, who runs a £3.5 billion investment fund.

Mr Osborne travelled with his wife Frances and their two children to Prince Charles’s favourite ski resort, Klosters, to join Mr Rock and his wife Kate, a Conservative Party official, at their chalet.

Luxury chalet: Kate Rock and husband Caspar own this £1.7million chalet in the upmarket ski resort of Klosters where George Osborne was a guest on a recent holiday

Angela Eagle, the Shadow Chief Secretary to the Treasury, accused Mr Osborne, 39, of hypocrisy, saying: ‘We hope he enjoyed his trip with the multi-millionaires in Klosters. He is fond of saying that “we’re all in this together”, but day-by-day, cut-by-cut, it is becoming increasingly clear that some people are more in it than others.’

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When The Mail on Sunday reported the Chancellor’s holiday earlier this year, it caused a storm of criticism, with opponents calling it ‘outrageous’ that ‘Osborne the axeman’ should enjoy a skiing holiday while ordinary working families faced their bleakest year in decades.

At the time aides claimed he was in Davos – six miles from his actual location.

The modern steel and wood design, with floor-to-ceiling electronic shutters, overlooks an apartment owned by Tara Palmer-Tomkinson.

The former It Girl attended a party held in the Chancellor’s honour at an elite local ski club, the Marsden, where Mr Rock is a committee member.

Mr Rock, 45, who has enjoyed a successful 20-year City career, is chief investment officer of Architas, part of the £15 billion AXA Wealth fund. His annual salary and bonus is estimated at more than £500,000.

Friends in high places: Mr Osborne is pictured here with Kate Rock in the background with the Tories during the election

Described by friends as an excellent skier, he married 42-year-old Kate in 1999. The couple live with their children in a £2.5 million home in upmarket Holland Park, West London.

Curiously, when the Osbornes hired ski gear for the week’s holiday on Boxing Day, the Chancellor’s wife gave their address as Akzent Hotel Sport, which is nearly three miles from Mr Rock’s chalet.

Mr Osborne ran into controversy on a previous holiday when it was claimed that he had tried to solicit a £50,000 donation for the Tories from Russian billionaire Oleg Deripaska while enjoying his hospitality on his yacht.

Mr Osborne admitted that the visit, during a break in Corfu in 2008, ‘didn’t look very good’.

His latest holiday could lay the Chancellor open to claims that he risks a conflict of interest if Mr Rock’s business activities are affected by Treasury rule changes.

Last night, Mr Osborne’s spokesman said the two families socialised together because Mrs Rock had been friends with Mrs Osborne since the age of 15.

Successful: Kate Rock attending the opening of One Hyde Park development in London last week and her husband Caspar own a £1.7million chalet in Klosters

He said the Chancellor had ‘paid his own way’ and had never dealt with Mr Rock in any official capacity. He was unable to give Mrs Rock’s job title at Tory HQ.

Since 2000, Eton-educated Mr Rock has been a director at Geoffrey Faber Holdings, the parent company of the publisher Faber & Faber.

Holiday time: Chancellor George Osborne on the slopes during his break in Klosters with the Rock's

He comes from a wealthy and well-connected clan. His brother Orlando is head of private collections at Christie’s auctioneers and masterminded the sale of the Spencer family’s masterpieces last year, including a £15 million Rubens.

Orlando lives with his wife Miranda in 16th Century Burghley House in Lincolnshire, which has been used as a location for the films The Da Vinci Code and Pride And Prejudice.

Asked by The Mail on Sunday whether the Chancellor had used his Klosters apartment, Mr Rock said: ‘I am sorry, I just do not want to say anything.’

AXA Wealth spokesman Paul Riddell said: ‘I know there is an association between Caspar and the Chancellor but where that comes from or how long they have known each other, I really do not know.’